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DNA jury split over Union Budget

While some gave thumbs up to Pranab Mukherjee for not going overly aggressive on the fiscal deficit target, others said the lack of bold moves was a big disappointment.

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DNA jury split over Union Budget
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DNA’s 10-member jury was vertically split following the Union Budget. While some gave the thumbs up to Pranab Mukherjee for not going overly aggressive on the fiscal deficit target, others said the lack of bold moves was a big disappointment. He scored a maximum of 7 on the infrastructure agenda, and the lowest for impact on stock market sentiment and ability to address inflation. Here's what they said:

Kumar M Birla
Chairman, Aditya Birla Group
The finance minister has tried to steer the economy on to a higher growth trajectory, and steps have been taken to mitigate supply-side bottlenecks. Fiscal consolidation and resource mobilisation moves are well thought out.

Deepak Parekh
Chaiman, HDFC

T he FM deserves kudosfor delivering an honest assessment of the current environment and presenting a Budget based on realistic assumptions. He has not been  overly aggressive  on  the fiscal  deficit target or disinvestment. He has managed to balance various conflicting goals


Rajeev Gupta
Veteran M&A and Investment Banker

Yet another failure to assert leadership and seize the opportunity to enhance the economic future of our countrymen. What did we get? Palliatives, short-termism, shibboleths, bad math and worst populism.

GVK Reddy
Chaiman, GVK Group
This is a balanced Budget in challenging times. It is positive, broad-based and inclusive. It emphasises agriculture and industry, which is integral to support India's development ambitions in the long term. Overall, it is growth-oriented and aimed at sustaining earlier impetus.

Adi Godrej
Chairman, Godrej Group
The Budget has some positives like maximum of 2% subsidy to GDP and skill incentive for manufacturing companies. Negatives are the retrospective amendment to override the Vodafone judgement and excise duty hikes.

Venkatraman Balakrishnan
Chief Financial Officer, Infosys

There is enough indication in the Budget about the desire to contain fiscal deficit, which is a good sign. The focus on increased private participation in infrastructure projects is also salutary. The key is going to be implementing all the projects in time.

Roopa Kudva
MD & CEO, Crisil

The steps to improve access to funds and reduce borrowing costs will boost infra investments. But the subsidy targets can be achieved only if bold expenditure reforms such as petroleum price deregulation are undertaken.

Punita K Sinha
Managing Partner, Pacific Paradigm Advisors

T he Budget did no damage to the broad economy, provides some positive stimulus, but fails on bold moves that would entice foreign investors. Overall, it is a sector-specific effort, cautious, and does not alter the government's political position.

Devina Mehra
Chief Global Strategist, First Global
The trick in evaluating the Budget is to consider the long-term trends. It is here that this government scores. The missing link is monetary policy where excessive tightening has hurt growth and fiscal balances.

Pradip Shah
Chairman, IndAsia Fund Advisors
This is a Budget for political survival, with no roadmap for doing away with fuel and fertiliser subsidies, and relies on growth from existing economic momentum. His objective of demand-driven growth is contradicted by the raft of duty hikes.

 

Here are the ratings:

  Kumar M
Birla
Deepak Parekh Rajeev Gupta
 
GVK
Reddy
Adi Godrej Venkatraman Balakrishnan Roopa Kudva Punita K Sinha Devina Mehra Pradip Shah
 
Average Score
Is this Budget fiscally responsible?
 
8/10 7.5/10 3/10 8/10 5/10 6/10 5/10 7/10 8.5/10 4/10 6.2
Does this Budget make for good politics and good economics? 8/10 7/10 7/10 7/10 6/10 8/10 6/10 6/10 9/10 5/10 6.5
Has this Budget done enough to take the infrastructure and other critical agenda forward? 9/10 8/10 4/10 8/10 7/10 6/10 8/10 5/10 8.5/10 6/10 7.0
Does the Budget address concerns about growth and inflation? 7.75/10 7.75/10 4/10 8/10 8/10 6/10 5/10 7/10 8/10 4/10 6.2
Does the Budget address concerns about growth and inflation? 8/10 7/10 4/10 7/10 5/10 5/10 6/10 6/10 7.5/10 5/10 6.0
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